Mahindra & Mahindra on Saturday said Anand Mahindra has acceded the request of the board to continue as executive chairman till November next year. The board of directors of the company have unanimously requested Anand Mahindra to continue as the executive chairman till his original term of appointment as approved by the shareholders of the company that is up to November 11, 2021, the company said in a BSE filing.
As per the SEBI guidelines, he had to step down from his executive role from April 1, 2020.
"In deference to the wishes of the Governance, Nomination and Remuneration Committee (GNRC) and Board, Anand Mahindra has acceded to the request to continue as the Executive Chairman till his original term of appointment. Pawan Goenka and Anish Shah would continue to report to Anand Mahindra," it said.
SEBI has deferred the deadline for compliance with Regulation 17 from April 1, 2020, to April 2022.